Greece GDP

Greece: Economic growth slows to one-year low in Q1

May 15, 2015

In the first quarter of 2015, the economy expanded a meagre 0.1% over the same period last year, according to an advance estimate released by the Hellenic Statistical Authority (EL.STAT) on 13 May. Q1’s reading marked a notable deceleration over the 1.2% expansion recorded in Q4 2014 and the smallest increase in one year.

The economy contracted 0.2% in Q1 2015 over the previous quarter in seasonally-adjusted terms, which followed the 0.4% contraction tallied in Q4 2014. The result beat market expectations of a 0.5% decrease. The statistical institute will release more detailed data on 29 May.

FocusEconomics Consensus Forecast panelists see the economy showing 1.9% in 2015, which is down 0.1 percentage points over last month’s forecast. For 2016, the panel expects growth of 2.5%.

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Greece Economic News

The number of unemployed fell by 103 in November from the previous month and by 119,363 compared with November 2016, according to recent data released by the Hellenic Statistical Authority (EL.STAT).
The unemployment rate was unchanged from October’s revised 20.9% (previously reported: 20.8%).

Industrial production expanded a working-day-adjusted 0.8% in November compared to the same month of the previous year, which was slightly above October’s revised 0.7% growth (previously reported: +0.5% year-on-year).

Industrial production expanded a working-day-adjusted 0.5% in October compared to the same month of last year, which was notably below September’s revised 3.2% growth (previously reported: +2.4% year-on-year).